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News Explorer — Hong Kong Regulator Warns that Crypto Firms Aren't Banks

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Sep 15, 7:32 pm

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Hong Kong Regulator Warns that Crypto Firms Aren't Banks

The Hong Kong Monetary Authority (HKMA) has warned investors about crypto companies falsely describing themselves as "banks" and offering deceptive products. The HKMA stated that these companies may be breaching Hong Kong's Banking Ordinance and misleading the public into thinking they are authorized banks. The regulator also reminded the public that crypto companies not supervised by the HKMA are not protected by the Hong Kong Deposit Protection Scheme.

The Hong Kong Monetary Authority (HKMA) has warned investors about crypto companies falsely describing themselves as "banks" and offering deceptive products. The HKMA stated that these companies may be breaching Hong Kong's Banking Ordinance and misleading the public into thinking they are authorized banks. The regulator also reminded the public that crypto companies not supervised by the HKMA are not protected by the Hong Kong Deposit Protection Scheme.

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